The second quarter of 2010 will probably be remembered as the quarter of spills – BP’s disastrous oil leak in the Gulf of Mexico at the start of the quarter (20 April 2010) and Robert Green’s infamous “spill” in England’s opening game of the 2010 FIFA World Cup against the US later in the quarter. While the latter spill will soon be relegated to sports trivia, the former – one of the worst oil-related environmental disasters – highlights the importance of understanding environmental risk in the valuation of companies.